Senate Joint Memorial 8005 — State of Washington, 69th Legislature, 2025 Regular Session

Summary

Senate Joint Memorial 8005, State of Washington, 2025 Regular Session, by Senators Hasegawa, Stanford, Trudeau, and Wellman, was prefiled 12/23/24 and referred to the Committee on Business, Financial Services & Trade. It is addressed to the President of the United States and to Congress. The whereas clauses state that the Glass-Steagall act was repealed in 1999 and that banks deemed too big to fail were bailed out by taxpayers. The memorialists pray that Congress enact H.R. 2714 or S.881, or other legislation, to reinstate the separation of commercial and investment banking functions under the Glass-Steagall act.

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     S-0393.1

                           SENATE JOINT MEMORIAL 8005


     State of Washington        69th Legislature         2025 Regular Session

     By Senators Hasegawa, Stanford, Trudeau, and Wellman

     Prefiled 12/23/24. Read first time 01/13/25.       Referred to Committee
     on Business, Financial Services & Trade.




 1       TO THE HONORABLE DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES,
 2   AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF
 3   REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF
 4   THE UNITED STATES, IN CONGRESS ASSEMBLED:
 5       We, your Memorialists, the Senate and House of Representatives of
 6   the   State  of   Washington,   in  legislative   session  assembled,
 7   respectfully represent and petition as follows:
 8       WHEREAS, An effective monetary and banking system is essential to
 9   the functioning of the economy; and
10       WHEREAS, Such a system must function in the public interest,
11   without bias; and
12       WHEREAS, Since 1933, the federal banking act of 1933, known as
13   the Glass-Steagall act, protected the public interest in matters
14   dealing with the regulation of commercial and investment banking, in
15   addition to insurance companies and securities; and
16       WHEREAS, The Glass-Steagall act was repealed in 1999, partially
17   contributing to the greatest speculative bubble and worldwide
18   recession since the great depression of 1933, leaving millions of
19   homes in foreclosure, causing the loss of millions of jobs
20   nationwide; and
21       WHEREAS, The worldwide recession put severe financial strains on
22   states, counties, and cities, exacerbating unemployment and the loss
23   of civil services; and
                                      p. 1                           SJM 8005
 1       WHEREAS, The United States senate and house of representatives
 2   have been making efforts to restore the protections of the Glass-
 3   Steagall act; and
 4       WHEREAS, Many banks have amassed so much money that they have
 5   been arbitrarily determined to be "too big to fail" by federal
 6   politicians, which has resulted in United States taxpayers having to
 7   bail them out with hundreds of billions of hard earned taxpayer
 8   dollars for the overreach in speculative investments that are now
 9   permitted due to the lack of Glass-Steagall restrictions against such
10   investments using depositors' money; and
11       WHEREAS, In 2017, a bipartisan group of United States senators,
12   including Elizabeth Warren and John McCain, introduced S.881-21st
13   Century Glass-Steagall Act to restore the complete separation of
14   risky investment banking from straightforward commercial banking
15   activities; and
16       WHEREAS, In 2023, Congresswoman Marcy Kaptur introduced H.R.
17   2714, known as the return to prudent banking act of 2023, which
18   revives the separation between commercial banking and the securities
19   business in the manner provided in the Glass-Steagall act; and
20       WHEREAS, The Glass-Steagall act has widespread, bipartisan
21   national support from such organizations as the democratic national
22   committee party platform, the republican national committee party
23   platform, the American federation of labor and congress of industrial
24   organizations (AFL-CIO), the American federation of teachers, and the
25   international association of machinists, as well as from prominent
26   economic and business leaders, including Thomas Hoenig of the FDIC,
27   Sanford Weill, former CEO of Citigroup, economist Luigi Zingales, the
28   New York Times, the St. Louis Post Dispatch, the Los Angeles Times,
29   and many others;
30       NOW, THEREFORE, Your Memorialists respectfully pray that Congress
31   enact H.R. 2714 or S.881, or any subsequent legislation that would
32   reinstate the separation of commercial and investment banking
33   functions that were in effect under the Glass-Steagall act,
34   prohibiting commercial banks and bank holding companies from
35   investing in stocks, underwriting securities, or investing in or
36   acting as guarantors to derivative transactions, in order to prevent
37   American taxpayers from being called upon to fund hundreds of
38   billions of dollars to bail out financial institutions;



                                     p. 2                         SJM 8005
1       BE IT RESOLVED, That copies of this Memorial be immediately
2   transmitted to the Honorable Donald J. Trump, President of the United
3   States, Congresswoman Marcy Kaptur, the President of the United
4   States Senate, the Speaker of the House of Representatives, and each
5   member of Congress from the State of Washington.

                                 --- END ---




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